When it comes to retirement planning there are a lot of terms and concepts that can be confusing. In this series we’ll help demystify some of the key terms you need to know.
Admin fees: These are the fees charged by the administrator of your superannuation fund. They can vary depending on the fund. It’s important to be aware of them and how much you are being charged.
ASFA: The Association of Superannuation Funds of Australia is the peak body for the superannuation industry. They provide information and resources on a range of retirement topics, including how to manage your money in retirement.
Employer Contributions: Most employers will contribute to your superannuation, usually as a percentage of your salary. Employer contributions can help boost your retirement savings. However you may also need to consider contributing your own money as well. Keep in mind that investing in super remains one of the most tax-effective ways to save for your retirement
Expenses: In retirement you’ll still need to cover your essential living expenses, such as food, housing, and healthcare. You may also have additional expenses, such as travel and leisure.
Further Reading
https://moneysmart.gov.au/glossary
What Next?
Don’t be intimidated by the financial jargon. Take time to understand the jargon along with using the eairwoman app. This will give you greater insight into your overall financial health, and ultimately help you achieve your retirement goals
